The Price of Everything, With Thanks to Oscar Wilde
Admirably, remarkably calling out hypocrisy in high places – and quoting Oscar Wilde for good measure – a Federal judge has rejected
a settlement between the rapacious Bank of America and the buck-passing
Securities and Exchange Commission that called for shareholders to pay
for the abuses of the rich guys who ripped them off. Judge Jed Rakoff
said the settlement over $3.6 billion in squirrely bonuses to bank
managers "suggests a rather
cynical relationship between the parties."
The settlement "does not comport with the most elementary
notions of justice and morality," he wrote.